Strand Group Inc started business in 2009 and for the year had the following transactions: 1. Started the company with a $100,000 investment. 2. Sold consulting services for $300,000, 25% on account, the remainder for cash 3. Paid wages of $70,000 4. Purchased a new computer for $15,000 (fair market value $20,000) for cash 5. Purchased supplies of $10,000 on account 6. Sold consulting services for $200,000, on account 7. Purchased office furniture for $30,000 by borrowing the money from a bank 8. Collected $100,000 from customers on account 9. Paid the bank 50% of the money it owed them 10. Sold consulting services for $50,000 forcash o 11. Paid dividends of $15,000 12. The company president purchased a personal residence for $150,000. (3, Paid the following expenses: a. Utilities- $20,000. b. Rent- $55,000. c. Insurance- $15,000. Account
Strand Group Inc started business in 2009 and for the year had the following transactions: 1. Started the company with a $100,000 investment. 2. Sold consulting services for $300,000, 25% on account, the remainder for cash 3. Paid wages of $70,000 4. Purchased a new computer for $15,000 (fair market value $20,000) for cash 5. Purchased supplies of $10,000 on account 6. Sold consulting services for $200,000, on account 7. Purchased office furniture for $30,000 by borrowing the money from a bank 8. Collected $100,000 from customers on account 9. Paid the bank 50% of the money it owed them 10. Sold consulting services for $50,000 forcash o 11. Paid dividends of $15,000 12. The company president purchased a personal residence for $150,000. (3, Paid the following expenses: a. Utilities- $20,000. b. Rent- $55,000. c. Insurance- $15,000. Account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![REDIT
PO BO
4011
Strand Group Inc started business in 2009 and for the year had the following transactions:
1. Started the company with a $100,000 investment.
2. Sold consulting services for $300,000, 25% on account, the remainder for cash
3. Paid wages of $70,000
4. Purchased a new computer for $15,000 (fair market value $20,000) for cash
5. Purchased supplies of $10,000 on account
6. Sold consulting services for $200,000, on account
7. Purchased office furniture for $30,000 by borrowing the money from a bank
8, Collected $100,000 from customers on account
9. Paid the bank 50% of the money it owed them
10. Sold consulting services for $50,000 for cash o ACcount
11. Paid dividends of $15,000
12. The company president purchased a personal residence for $150,000
(3, Paid the following expenses:
a. Utilities- $20,000.
b. Rent- $55,000..
c. Insurance- $15,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb8c491fe-873b-4c92-a492-70fd693654c7%2Fa91d72a6-3702-4aaf-b83d-2e315231f565%2F8bmp85_processed.png&w=3840&q=75)
Transcribed Image Text:REDIT
PO BO
4011
Strand Group Inc started business in 2009 and for the year had the following transactions:
1. Started the company with a $100,000 investment.
2. Sold consulting services for $300,000, 25% on account, the remainder for cash
3. Paid wages of $70,000
4. Purchased a new computer for $15,000 (fair market value $20,000) for cash
5. Purchased supplies of $10,000 on account
6. Sold consulting services for $200,000, on account
7. Purchased office furniture for $30,000 by borrowing the money from a bank
8, Collected $100,000 from customers on account
9. Paid the bank 50% of the money it owed them
10. Sold consulting services for $50,000 for cash o ACcount
11. Paid dividends of $15,000
12. The company president purchased a personal residence for $150,000
(3, Paid the following expenses:
a. Utilities- $20,000.
b. Rent- $55,000..
c. Insurance- $15,000.
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